December Private Client Letter

December Private Client Letter

Recession fears have eased significantly since the summer, driving renewed investor confidence and a surging stock market. The S&P 500 gained 5.7% in November as the Index delivered its best monthly return in a year and ninth winning month out of 11. With the national elections now concluded, stocks benefited from steady economic and earnings growth and the anticipation for pro-growth policies emerging from Trump’s second term in office. Small cap stocks did particularly well in November as the Russell 2000 rallied 10.8% on anticipation of tax cuts and trade policy that favors domestic producers.

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The Stage is Being Set for Small Cap Equities

The Stage is Being Set for Small Cap Equities

U.S. small-cap companies (market capitalization between $900 million and $6 billion) have underperformed their U.S. large-cap (market capitalization above $16 billion) counterparts over the last few years, but we believe there are a few key reasons why the stage is being set for small caps to play some catch-up.

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